In Kyrgyzstan, affordable housing programs are actively being developed, aimed at a new social group – doctors, teachers, civil servants, young specialists, and large families.
The State Mortgage Company (GIK) celebrated its 10th anniversary, starting with a charter capital of 10 million soms. Despite the difficulties, as noted by President Sadyr Japarov, the company strives to create conditions for those who do not yet have their own housing.
As of today, the charter capital of GIK amounts to 87.5 billion soms, and nearly 14,000 families have already managed to purchase housing. It is expected that tens of thousands more are waiting for their turn to receive a mortgage.
Mortgage lending in Kyrgyzstan has been actively developing in recent years, and this season a new housing program "My Home – 2024-2030" has been launched.
In order to increase efficiency, GIK was transferred to the management of the Presidential Administration, and since 2021, the construction of residential complexes has begun.
Today, Kyrgyzstan can be called one large construction site. Although construction was carried out under previous presidents, the focus was on "elite" housing, which was inaccessible to most citizens. The apartments offered earlier were so expensive that an ordinary person would have to save for many years to afford them.
In 2015, the authorities first considered the need for affordable housing for broader segments of the population, which led to the creation of GIK. However, from the very beginning, the company faced criticism regarding its inefficiency, mainly due to a lack of funding. The company's assets began to grow significantly only from 2020.
The growth of assets was driven by two main factors. First, with the coming to power of Sadyr Japarov and Kamchybek Tashiev, the state budget began to be replenished. Effective anti-corruption measures and the return of lost property contributed to an increase in financial resources for development.
Secondly, there was a change in the perception of the "elite." Now it includes workers who have long lived in rented apartments and had no opportunities to purchase their own housing.
In 2017, the law "On State Mortgage Housing Lending" was adopted, signed by former President Almazbek Atambayev, but the lending conditions turned out to be inconvenient: the interest rate was 10% per annum, and the repayment term was about 15 years. Loans were not available to everyone, which caused dissatisfaction among citizens.
Upon taking office, Sadyr Japarov took the issue seriously. Now a mortgage can be obtained for a term of up to 25 years on more favorable terms.
"We have important tasks to solve," he stated at the celebration of GIK's anniversary. "We aim to expand financing mechanisms and develop shared construction, as well as provide access to social mortgages at 4% per annum without a down payment for large families and people with disabilities."
Currently, about 70,000 mortgage apartments are being built in Kyrgyzstan across all regions. "We are working under the 'My Home' program," said Myrzagul Sardarbekova, head of the regional representation of GIK in the Chui region. "Apartments are being built particularly actively in Bishkek, where there is high migration, but there are also opportunities for workers to obtain housing in the regions."
The houses built by GIK are connected to centralized electricity, water supply, and sewage systems, and heating is provided by their own boiler houses. The quality of construction is monitored by the authorities, which is significantly different from the previous "elite" projects built with low-quality materials in unsuitable locations.
